Rates for platform supply vessels (PSVs) in the North Sea have hit eight-year highs as the tonnage pool shrinks.

Clarksons Research reported the offshore ship market gathering momentum after a downturn lasting years in a previously over-tonnaged sector.

Spot earnings for large PSVs rose 16% in the week ended 13 May to hit a “strong” £21,057 ($25,800) per day.

This is up 131% on the 10-year trend and the highest level since 2014, the UK research company said.